May 2022 Monthly Review

Jordi Visser

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May was another scary month for investors. In early May, the SPX continued its decline from earlier months to reach what would be defined as a bear market, falling 20+% from the highs. The fall reached the low on May 20th before entering a sharp rally into month end. The SPX finished the month flat. However, there was dispersion in performance. The energy sector was up close to 15% while the technology and consumer discretionary sectors were both down. The pressure from rising rates finally lessened as 10-year rates were down for the month for the first time this year. Importantly, 2-year rates had their first monthly decline since July 2021. At the same time, Fed funds expectations for the end of 2022 peaked on May 3rd. The peak in Fed funds rate expectations helped risk assets in the second half of May as investors look toward the inflation data coming out in June and the next Federal Open Market Committee (FOMC) meeting.

 

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Important disclosures: Disclosures: This content (the "Insights Page") is provided by Weiss Multi-Strategy Advisers LLC ("Weiss"). The views expressed on the Insights Page are for informational purposes only and are subject to change without notice. Information on the Insights Page has been developed internally and is based on market conditions as of the date of the original post on the Insights Page from sources believed to be reliable. Nothing on the Insights Page should be construed as investment, legal, tax, or other advice and should not be viewed as a recommendation to buy or sell any security or adopt any investment strategy. Past performance is no guarantee of future results. Please consult your own advisers regarding business, legal, tax, or other matters concerning investments. Weiss has no control over information at any external site hyperlinked on the Insights Page. Weiss makes no representation concerning and is not responsible for the quality, content, nature, or reliability of any hyperlinked site and has included hyperlinks only as a convenience. The inclusion of any external hyperlink does not imply any endorsement or ongoing monitoring by Weiss of any hyperlinked site. Investing in securities is speculative and involves substantial risk of loss.

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